0001193125-26-226703 | 10-Q | XBRL Viewer | Rani Therapeutics Holdings INC

Leases

3 Months Ended

Mar. 31, 2026

8. Leases

In November 2023, Rani LLC and BKM South Bay 240, LLC (“Landlord”) entered into the Standard Industrial/Commercial Multi-Tenant Lease - Net (the “Lease”). Pursuant to the terms of the Lease, Rani LLC is leasing approximately 33,000 square feet of space in Fremont, California, which is part of a two-building project (the “Project”). The initial term of the Lease commenced in February 2024, and the duration of the initial term is 63 months. Subject to certain conditions, Rani LLC has an option to renew the Lease for one additional 5-year term at the then-prevailing market rate. The monthly base rent for the initial term of the Lease is approximately $95,000 per month, subject to a 4% increase each year. Rani LLC is also responsible for the payment of additional rent to cover its share of common area operating expenses, including taxes, insurance, utilities, and repair and maintenance of the premises and common areas of the Project.

In addition, the Company pays for the use of its office, laboratory and manufacturing facility in San Jose, California as part of the RMS-ICL Service Agreement. In March 2024, the Company entered into an amendment to increase the size of the rental space from 23,000 square feet to 24,000 square feet. The RMS-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless Rani LLC or ICL terminate occupancy under the RMS-ICL Service Agreement upon six months’ notice. In October 2025, the Company determined it to be reasonably certain that it would exercise its renewal option for a successive twelve-month period through 2026. The Company accounted for the renewal option as a lease modification that did not result in a separate contract and recognized the additional right-of-use asset and corresponding lease liabilities associated with the Rani LLC-ICL Service Agreement in its condensed consolidated balance sheet.

The Company's leases are accounted for as operating leases and require certain fixed payments of real estate taxes and insurance in addition to future minimum lease payments, and certain variable payments of common area maintenance costs and building utilities. Variable lease payments are expensed in the period in which the obligation for those payments is incurred. These variable lease costs are payments that vary in amount beyond the commencement date, for reasons other than passage of time. Variable lease payments are excluded from the total operating lease expense and immaterial for the periods presented.

Supplemental information on the Company’s condensed consolidated balance sheet and statements of cash flows as of March 31, 2026 and 2025 and for the three months ended March 31, 2026 and 2025, respectively, related to the Company's leases was as follows (in thousands):


	March 31,
	2026			2025
Weighted-average remaining lease term (in years)		2.8			3.7
Weighted-average discount rate		10.6	%		10.4	%


	Three Months Ended March 31,
	2026		2025
Cash flows
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	473	$	473

As of March 31, 2026, minimum annual rental payments under the Company’s operating lease agreements are as follows (in thousands), excluding short-term leases:


Year ending December 31,
2026 (remaining nine months)	$	1,465
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	4,531
Less: Imputed interest		(590	)
Total operating lease liability	$	3,941
Less: Current portion of operating lease liability		1,460
Operating lease liability, less current portion	$	2,481

Stock-Based Compensation - Schedule of Weighted-Average Assumptions for Options Issued (Details)	3 Months Ended
	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Expected volatility	112.60%
Risk-free interest rate	3.62%
Expected term (in years)	6 years 1 month 6 days
Expected dividend yield	0.00%

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

7. Related Party Transactions

The founder and Chairman of the Company is the father of the Company’s Chief Executive Officer and the brother of the Company’s Chief Scientific Officer. Thus, the Company's Chief Scientific Officer is also the uncle of the Company’s Chief Executive Officer.

InCube Labs, LLC (“ICL”) is wholly-owned by the Company’s founder and Chairman and his family.

Service Agreements

In April 2022, Rani LLC entered into a service agreement for a facility in San Jose, California. In March 2024, the Company entered into an amendment to increase the size of the rental space from 23,000 square feet to 24,000 square feet (such agreement, as amended, the “RMS-ICL Service Agreement”). The RMS-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless terminated (Note 8). Rani LLC or ICL may terminate services under the RMS-ICL Service Agreement upon 60 days' notice to the other party, except for occupancy which requires six months’ notice. The RMS-ICL Service Agreement specifies the scope of services to be provided as well as the methods for determining the costs of services. ICL administrative fees and research and development expenses are billed or charged on a monthly basis by ICL or Rani LLC, respectively, as well as allocations of expenses based upon Rani LLC’s utilization of ICL’s facilities and equipment.

The table below details the amounts charged by ICL for services and rent, net of the amount that the Company charged ICL, which is included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and development	$	180		$	186
General and administrative		(11	)		(14	)
Total	$	169		$	172

As of March 31, 2026, one of the Company's facilities was owned by an entity affiliated with the Company’s Chairman (Note 8). The Company pays for the use of this facility through the RMS-ICL Service Agreement.

Exclusive License Agreement

In June 2021, ICL and the Company, through Rani LLC, entered into an Amended and Restated Exclusive License Agreement which replaced the 2012 Exclusive License Agreement between ICL and Rani LLC, as amended in 2013, and terminated the 2012 Intellectual Property Agreement between ICL and Rani LLC, as amended in June 2013. Under the Amended and Restated Exclusive License Agreement, the Company has a fully paid, exclusive license under certain scheduled patents related to optional features of the device and certain other scheduled patents to exploit products covered by those patents in the field of oral delivery of sensors, small molecule drugs or biologic drugs including, any peptide, antibody, protein, cell therapy, gene therapy or vaccine. The Company covers patent-related expenses and, after a certain period, the Company will have the right to acquire four specified United States patent families from ICL by making a one-time payment of $0.3 million to ICL for each United States patent family that the Company desires to acquire, up to $1.0 million in the aggregate. This payment will not become an obligation until the fifth anniversary of the Amended and Restated Exclusive License Agreement. The Amended and Restated Exclusive License Agreement will terminate when there are no remaining valid claims of the patents licensed under the Amended and Restated Exclusive License Agreement. Additionally, the Company may terminate the Amended and Restated Exclusive License Agreement in its entirety or as to any particular licensed patent upon notification to ICL of such intent to terminate.

In November 2025, as part of a strategic focusing of the Company's resources, the Company notified ICL that it is terminating the Amended and Restated Exclusive License Agreement in its entirety. The termination became effective on January 18, 2026, and the Company no longer has any obligations to ICL under the Amended and Restated Exclusive License Agreement.

Non-Exclusive License Agreement between Rani and ICL (“Non-Exclusive License Agreement”)

In June 2021, the Company, through Rani LLC, entered into the Non-Exclusive License Agreement with ICL a related party, pursuant to which the Company granted ICL a non-exclusive, fully-paid license under specified patents that were assigned from ICL to the Company. Additionally, the Company agreed not to license these patents to a third party in a specific field outside the field of oral delivery of sensors, small molecule drugs or biologic drugs including, any peptide, antibody, protein, cell therapy, gene therapy or vaccine, if ICL can prove that it or its sublicensee has been in active development of a product covered by such patents in that specific field. ICL may grant sublicenses under this license to third parties only with the Company’s prior approval. The Non-Exclusive License Agreement will continue in perpetuity unless earlier terminated.

Rani LLC Agreement

The Company operates its business through Rani LLC. In connection with the IPO, the Company and the Continuing LLC Owners, including ICL and its affiliates, entered an LLC agreement (the “Rani LLC Agreement”). As part of the Private Placement, the Rani LLC Agreement was amended effective as of December 31, 2025 (the “Amended Rani LLC Agreement”). The governance of Rani LLC, and the rights and obligations of the holders of LLC Interests, are set forth in the Amended Rani LLC Agreement. As Continuing LLC Owners, ICL and its affiliates are entitled to exchange, subject to the terms of the Amended Rani LLC Agreement, Paired Interests for Class A common stock of the Company; provided that, at the Company’s election, the Company may effect a direct exchange of such Class A common stock or make a cash payment equal to a volume weighted average market price of one share of Class A common stock for each Paired Interest redeemed.

During each of the three months ended March 31, 2026 and 2025, no related parties that are parties to the Amended Rani LLC Agreement exchanged any Paired Interests, for an equal number of shares of the Company's Class A common stock.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Date of incorporation	Apr. 06, 2021
Net loss	$ (8,015)	$ (12,738)
Accumulated deficit	(139,613)		$ (132,580)
Operating activities, net	6,497	8,149
Cash, cash equivalents and marketable securities	43,400
Proceeds from employee stock purchase plan	$ 0	$ 42
Common Class A
Common stock par value	$ 0.0001		$ 0.0001
Common stock shares issued	99,813,000		97,622,000
Common Class B
Common stock par value	$ 0.0001		$ 0.0001
Common stock shares issued	23,970,000		23,970,000
Common Class C
Common stock par value	$ 0.0001		$ 0.0001
Common stock shares issued	0		0
Rani LLC \| Common Class A
Number of shares reserve in future issuance	1,124,194

Condensed Consolidated Statements of Changes in Stockholders' (Deficit)/Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Common [Member] Common Class A [Member]	Common [Member] Common Class B [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Gain Member	Accumulated Deficit [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2024	$ 3,493			$ 3	$ 2	$ 104,889	$ 5	$ (102,907)	$ 1,501
Beginning Balance (shares) at Dec. 31, 2024				33,430,000	23,972,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				140,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(23)					(23)
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						1			(1)
Stock-based compensation	3,925					2,241			1,684
Other comprehensive loss	(6)						(3)		(3)
Net loss	(12,738)							(7,264)	(5,474)
Ending Balance at Mar. 31, 2025	(5,349)			$ 3	$ 2	107,108	2	(110,171)	(2,293)
Ending Balance (shares) at Mar. 31, 2025				33,570,000	23,972,000
Beginning Balance at Dec. 31, 2025	41,512			$ 9	$ 2	165,578	1	(132,580)	8,502
Beginning Balance (shares) at Dec. 31, 2025		97,622,000	23,970,000	97,622,000	23,970,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				91,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(32)					(32)
Exercise of Pre-funded Warrants, Share				2,100,000
Exercise of Pre-funded Warrants	5					5
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						799			(799)
Stock-based compensation	2,084					1,665			419
Other comprehensive loss	(11)						(9)		(2)
Net loss	(8,015)							(7,033)	(982)
Ending Balance at Mar. 31, 2026	$ 35,543			$ 9	$ 2	$ 168,015	$ (8)	$ (139,613)	$ 7,138
Ending Balance (shares) at Mar. 31, 2026		99,813,000	23,970,000	99,813,000	23,970,000

Related Party Transactions - Schedule of Amounts Charged for Services and Rent (Details) - ICL - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Related party charges	$ 169	$ 172
Research and Development Expense
Related Party Transaction [Line Items]
Related party charges	180	186
General and Administrative Expense
Related Party Transaction [Line Items]
Related party charges	$ (11)	$ (14)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 850
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+ Details

Subsequent Events (Additional Information) (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Oct. 31, 2025	Aug. 31, 2022
Subsequent Event [Line Items]
Warrant exercise price				$ 11.79
Common Class A
Subsequent Event [Line Items]
Common Stock, Shares, Issued	99,813,000	97,622,000
Common stock par value	$ 0.0001	$ 0.0001
Common Class B
Subsequent Event [Line Items]
Common Stock, Shares, Issued	23,970,000	23,970,000
Common stock par value	$ 0.0001	$ 0.0001
Pre-Funded Warrant [Member]
Subsequent Event [Line Items]
Warrant exercise price			$ 0.0001
Pre-Funded Warrant [Member] \| Common Class A
Subsequent Event [Line Items]
Pre-funded warrants issued to purchase shares of common stock			82,366,667

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Company operates and controls all of the business and affairs of Rani LLC and, through Rani LLC, conducts its business. Because the Company manages and operates the business and controls the strategic decisions and day-to-day operations of Rani LLC and also has a substantial financial interest in Rani LLC, the Company consolidates the financial results of Rani LLC, and a portion of its net loss is allocated to the non-controlling interests in Rani LLC held by the Continuing LLC Owners. All intercompany accounts and transactions have been eliminated in consolidation.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to Form 10-Q of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state the financial position and the results of the Company's operations and cash flows for interim periods in accordance with U.S. GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period.

The consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the 2025 consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2026.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The Company evaluates its estimates on an ongoing basis. The Company bases its estimates on its historical experience and also on assumptions that the Company believes are reasonable; however, actual results may differ materially and adversely from these estimates.

Significant Accounting Policies

A description of the Company’s significant accounting policies is included in the audited consolidated financial statements within its Annual Report on Form 10-K for the year ended December 31, 2025. Except as noted below, there have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2026.

Cash, Cash Equivalents and Restricted Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported as a component of prepaid expenses and other current assets on the condensed consolidated balance sheet which, in aggregate, represents the amount reported in the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025:


	March 31,
	2026		2025
Cash and cash equivalents	$	9,644	$	10,111
Restricted cash equivalents		200		500
Total cash, cash equivalents and restricted cash equivalents	$	9,844	$	10,611

Accounts Receivable and Allowance for Credit Losses

Accounts receivable primarily consist of amounts due from customers under revenue arrangements. Receivables are recorded when revenue is recognized and are recorded net of any allowance for current expected credit losses measured based on historical experience, current conditions, and reasonable and supportable forecasts. The Company evaluates its accounts receivable for expected credit losses in accordance with ASC 326 “Financial Instruments - Credit Losses” (“ASC 326”). Receivables are primarily due from collaboration partners and government agencies with strong credit profiles. The Company has no history of credit losses with these counterparties and collection has historically occurred within contractual terms. As of March 31, 2026 and December 31, 2025, the Company has determined that no allowance for credit losses was required, and no write-offs or recoveries were recognized during both periods.

Contract Balances

A contract asset is created when the Company satisfies a performance obligation by transferring a promised good or service to the customer. Contract assets represent conditional rights to consideration when the Company must first satisfy another performance obligation in the contract before it is entitled to payment from the customer. Contract assets are transferred to accounts receivable once the right to consideration becomes unconditional and presented separately from contract assets. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due. During the three months ended March 31, 2026, net change on contract asset balance due to timing of billing, payment and recognition was $0.

Contract liabilities are recorded as deferred revenue on the condensed consolidated balance sheets and include payments received in advance of performance obligations or where the Company has unsatisfied performance obligations.

Significant changes in contract liabilities (deferred revenue) in the three months ended March 31, 2026 were as follows (in thousands):


Contract liabilities, beginning of period	$	8,539
Revenue recognized		(1,708	)
Contract liabilities, end of period	$	6,831

Recently Adopted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (the "FASB") issued ASU 2025‑05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025‑05"), which amends the guidance for estimating expected credit losses for financial assets within the scope of ASC 326. The amendments allow all entities to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. Entities are required to disclose their practical expedient and accounting policy elections. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. The Company adopted ASU 2025-05 effective January 1, 2026. The Company elected the practical expedient and adoption did not have a material impact on its condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2025, the FASB issued Accounting Standards Update ("ASU") 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025‑11"). The amendments clarify the scope of interim reporting guidance in U.S. GAAP, consolidate interim disclosure requirements from other codification topics, and introduce a disclosure principle requiring entities to describe events occurring after the end of the most recent annual period that have a material effect on the entity. The ASU is effective for annual periods beginning after December 15, 2027 and for interim periods within fiscal years beginning after December 15, 2028. Early adoption is permitted. The Company is currently evaluating the effect of this update; however, because the amendments primarily clarify existing interim reporting requirements and do not significantly expand disclosure obligations, the Company does not expect the ASU to have a material impact on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 provides disaggregated information about certain income statement costs and expenses. This guidance is effective for the Company’s annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of this guidance on its condensed consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related costs	$ 3,430	$ 2,646
Accrued professional fees	851	718
Accrued rent	328	335
Accrued preclinical and clinical trial costs	0	198
Other	97	46
Total accrued expenses and other current liabilities	$ 4,706	$ 3,943

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Weighted-Average Assumptions for Options Issued

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:


	March 31,
	2026
Expected volatility		112.6	%
Risk-free interest rate		3.62	%
Expected term (in years)		6.1
Expected dividend yield		—	%

Summary of Restricted Stock Units Activity

A summary of restricted stock unit (“RSU”) activity during the periods indicated is as follows:


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2025		348,702		$	6.94
Vested		(123,389	)	$	9.69
Forfeited		—		$	—
Balance at March 31, 2026		225,313		$	5.44

Summary of Components of Equity-based Compensation Expense

The following table summarizes the components of stock-based compensation expense resulting from the grant of stock options, RSUs, RSAs, and the ESPP, recorded in the Company’s condensed consolidated statement of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	733	$	1,137
General and administrative		1,351		2,788
Total stock-based compensation	$	2,084	$	3,925

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options and Options for Common Units Activity

A summary of stock option activity during the periods indicated is as follows:


	Number of Stock Option Awards			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2025		12,867,236		$	4.03		8.19	$	5,067
Granted		55,601		$	1.37			$	—
Forfeited		(192,512	)	$	4.33
Balance at March 31, 2026		12,730,325		$	4.01		7.93	$	2,427
Exercisable at March 31, 2026		7,773,044		$	5.39		7.49	$	566
Nonvested at March 31, 2026		4,957,281		$	1.83		8.61	$	1,861

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 0.2	$ 0.3

Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

9. Warrants

Private Placement

In October 2025, the Company entered into a securities purchase agreement (the "Private Placement") with (i) certain institutional and accredited investors (the “Institutional Investors”) and (ii) Mir Imran, chairman of the Company’s Board of Directors (the “Affiliated Investor” and, together with the Institutional Investors, each, a “Purchaser” and, together, the “Purchasers”), pursuant to which the Company issued and sold (i) 42,633,337 shares (the “Shares”) of its Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), (ii) warrants to purchase up to an aggregate of 125,000,004 shares of Class A Common Stock or pre-funded warrants (the “Common Warrants”) and (iii) pre-funded warrants to purchase up to an aggregate of 82,366,667 shares of Class A Common Stock (the “Pre-Funded Warrants”). The Common Warrants and Pre-Funded Warrants are classified as equity on the Company’s condensed consolidated balance sheet. The warrants include certain rights upon “fundamental transactions,” as described in the warrant agreement, including the right of the holders thereof to receive from the Company or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Class A common stock in such fundamental transaction in the amount of the Black Scholes value of the unexercised portion of the applicable warrants on the date of the consummation of the fundamental transactions. The purchase price of the Shares to the Institutional Investors is $0.48 per share, and the purchase price of the Shares to the Affiliated Investor is $0.605 per share. The purchase price of the Pre-Funded Warrants to the Purchasers is $0.4799 per Pre-Funded Warrant. The aggregate gross proceeds to the Company from the closing of the Private Placement were approximately $60.3 million (including conversion of $6.0 million of the previously outstanding loan's principal balance), before deducting placement agent fees and other expenses payable by the Company of approximately $4.5 million, and excluding the proceeds, if any, from the exercise of the Common Warrants.

The Common Warrants became exercisable following the effective date of stockholder approval in December 2025 and have a term of five years following the initial exercise date. The Common Warrants purchased by the Purchasers have an exercise price of $0.48 per share. The Pre-Funded Warrants are exercisable immediately following the closing, have an unlimited term and an exercise price of $0.0001 per share. In January 2026, a Purchaser exercised 2,099,844 shares of Pre-Funded Warrants on a cashless basis, resulting in 80,266,823 shares of Pre-Funded Warrants outstanding as of March 31, 2026.

Service Warrants

In May 2025, in conjunction with a service agreement, the Company issued warrants to purchase 300,000 shares of the Company's Class A common stock, $0.0001 par value per share ("Service Warrants") to a third party vendor. The value of the Service Warrants was expensed immediately as a general and administrative cost. The Service Warrants are exercisable for a period of five years from the issuance date, at an exercise price per share equal to $0.70. The Service Warrants are classified as equity on the Company's condensed consolidated balance sheet. The Service Warrants include certain rights upon “fundamental transactions,” as described in the warrant agreement, including the right of the holders thereof to receive from the Company or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Class A common stock in such fundamental transaction in the amount of the Black Scholes value of the unexercised portion of the applicable warrants on the date of the consummation of the fundamental transactions. In February 2026, the service agreement was terminated, however the issued Service Warrants remain outstanding with terms unchanged. As of March 31, 2026, all of the Service Warrants were outstanding.

Letter Agreement

In May 2025, the Company entered into a letter agreement (the “Letter Agreement”) with an existing institutional investor (the “Equity Investor”) pursuant to which the Equity Investor exercised for cash all outstanding Series B and Series C warrants, which had been previously issued in July 2024 and October 2024, respectively, at a reduced exercise price of $0.65 per share, for net proceeds of $3.9 million in consideration for the Company’s issuance of a new Series D common stock warrant (the “Series D Warrants”) to purchase an aggregate of 13,160,172 shares of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”). Modification accounting was only performed on the warrants that were actually exercised pursuant to the Letter Agreement as it represented a short-term inducement. On the modification date, the Company remeasured the warrants at the reduced exercise price and recognized a $1.3 million inducement charge in the condensed consolidated statements of changes in stockholders' equity.

The Series D Warrants were exercisable immediately following stockholder approval, and will expire five years from the date of stockholder approval and have an exercise price of $0.65 per share. The Series D Warrants include certain rights upon “fundamental transactions,” as described in the Series D Warrant agreement, including the right of the holders thereof to receive from the Company or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Class A common stock in such fundamental transaction in the amount of the Black Scholes value of the unexercised portion of the applicable Series D Warrants on the date of the consummation of the fundamental transactions. The Series D Warrant is classified as equity on the Company's condensed consolidated balance sheet. In October 2025, pursuant to the Letter Agreement, the equity investor exercised the Series D Warrants to purchase 6,967,150 shares of Class A Common Stock for cash proceeds of $4.5 million. As of March 31, 2026, there were 6,193,022 Series D Warrants outstanding.

Pursuant to the terms of the Letter Agreement, in the event that the exercise of the Series B and Series C warrants would have otherwise caused a holder to exceed the beneficial ownership limitations set forth in the existing warrant, the Company issued the number of shares that would not cause a holder to exceed such beneficial ownership limitation and agreed to hold such balance of shares of Class A Common Stock in abeyance. Accordingly, an aggregate of 1,161,000 shares of Class A Common Stock from the exercise of the Series B and Series C warrants were held in abeyance (the “Abeyance Shares”) with such Abeyance Shares evidenced through the holder’s existing warrants and which are deemed to be prepaid. The Abeyance Shares were to be held until notice is received by the holder that the balance of the shares of Class A Common Stock may be issued in compliance with such beneficial ownership limitations and may be exercised pursuant to a notice of exercise from the holder. The Abeyance Shares were subsequently released and considered shares of Class A Common Stock in July 2025.

Loan and Security Agreement Warrants

In August 2022, in conjunction with a loan and security agreement, the Company issued warrants to purchase 76,336 shares of the Company's Class A common stock. The warrants are exercisable for a period of five years from the grant date, as may be adjusted for certain anti-dilution adjustments, dividends, stock splits, and reverse stock splits, at an exercise price per share equal to $11.79, which may be net share settled at the option of the holder. The warrants are classified as equity on the Company’s condensed consolidated balance sheet. In September 2025, the Company modified the exercise price of the warrants to $0.50 in consideration for a deferral of a principal repayment due in October 2025. There were no other changes to the terms of the warrant agreement. On the modification date, the Company remeasured the warrants at the reduced exercise price and recognized an additional $15 thousand as interest expense in the condensed consolidated statements of operations. As of March 31, 2026, there were 76,336 warrants outstanding.

Stock-Based Compensation - Summary of Components of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 2,084	$ 3,925
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	733	1,137
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 1,351	$ 2,788

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Unaudited Interim Condensed Consolidated Financial Statements

Use of Estimates

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash Equivalents


	March 31,
	2026		2025
Cash and cash equivalents	$	9,644	$	10,111
Restricted cash equivalents		200		500
Total cash, cash equivalents and restricted cash equivalents	$	9,844	$	10,611

Accounts Receivable and Allowance for Credit Losses

Contract Balances

Significant changes in contract liabilities (deferred revenue) in the three months ended March 31, 2026 were as follows (in thousands):


Contract liabilities, beginning of period	$	8,539
Revenue recognized		(1,708	)
Contract liabilities, end of period	$	6,831

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables detail information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of inputs used in such measurements (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	9,222	$	—	$	—	$	9,222
Restricted cash equivalents:
Money market funds		200		—		—		200
Marketable securities
U.S. Treasuries and agencies		30,521		—		—		30,521
Corporate debt securities		—		2,248		—		2,248
Commercial paper		—		990		—		990
Total assets	$	39,943	$	3,238	$	—	$	43,181


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	6,757	$	—	$	—	$	6,757
U.S. Treasuries and agencies		6,891		—		—		6,891
Commercial paper		—		2,099		—		2,099
Corporate debt securities		—		1,491		—		1,491
Restricted cash equivalents:
Money market funds		200		—		—		200
Marketable securities
U.S. Treasuries and agencies		25,867		—		—		25,867
Corporate debt securities		—		3,233		—		3,233
Commercial paper		—		1,991		—		1,991
Total assets	$	39,715	$	8,814	$	—	$	48,529

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrant Activity

A summary of warrant activity during the periods indicated is as follows:


	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		131,569,362	$	0.49		4.78	$	113,345
Granted		—	$	—		—	$	—
Exercised		—	$	—		—	$	—
Outstanding at March 31, 2026		131,569,362	$	0.49		4.55	$	32,430

Leases - Summary of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026 (remaining nine months)	$ 1,465
2027	1,278
2028	1,330
2029	458
Total undiscounted future minimum lease payments	4,531
Less: Imputed interest	(590)
Total operating lease liability	3,941
Less: Current portion of operating lease liability	1,460	$ 1,586
Operating lease liability, less current portion	$ 2,481	$ 2,732

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,015)	$ (12,738)
Other comprehensive loss
Net unrealized loss on marketable securities	(11)	(6)
Comprehensive loss	(8,026)	(12,744)
Comprehensive loss attributable to non-controlling interest	(984)	(5,477)
Comprehensive loss attributable to Rani Therapeutics Holdings, Inc.	$ (7,042)	$ (7,267)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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-Name Accounting Standards Codification
-Section 45
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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%
Change In Uncertain Tax Positions	$ 0	$ 0

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Contract revenue	$ 1,708	$ 172
Operating expenses
Research and development	5,161	6,570
General and administrative	4,886	5,615
Total operating expenses	10,047	12,185
Loss from operations	(8,339)	(12,013)
Other income (expense), net
Interest income and other, net	412	218
Interest expense and other, net	(88)	(943)
Net loss	(8,015)	(12,738)
Net loss attributable to non-controlling interest	(982)	(5,474)
Net loss attributable to Rani Therapeutics Holdings, Inc.	$ (7,033)	$ (7,264)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-Basic	$ (0.04)	$ (0.22)
Net loss per Class A common share attributable to Rani Therapeutics Holding, Inc., diluted	$ (0.04)	$ (0.22)
Weighted average Class A common shares outstanding-basic	179,996	33,440
Weighted average Class A common shares outstanding-diluted	179,996	33,440

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Summary of cash, cash equivalents, restricted cash equivalents and marketable securities

The following tables summarize the amortized cost and fair value of the Company's cash equivalents, restricted cash equivalents and marketable securities by major investment category (in thousands):


	As of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	9,222	$	—	$	—		$	9,222
Restricted cash equivalents:
Money market funds		200		—		—			200
Total cash equivalents and restricted cash equivalents		9,422		—		—			9,422
Marketable securities:
U.S. Treasuries and agencies		30,531		—		(10	)		30,521
Corporate debt securities		2,249		—		(1	)		2,248
Commercial paper		991		—		(1	)		990
Total marketable securities		33,771		—		(12	)		33,759
Total cash equivalents, restricted cash equivalents and marketable securities	$	43,193	$	—	$	(12	)	$	43,181


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	6,757	$	—	$	—		$	6,757
U.S. Treasuries and agencies		6,891		—		—			6,891
Commercial paper		2,099		—		—			2,099
Corporate debt securities		1,491		—		—			1,491
Total cash equivalents		17,238		—		—			17,238
Restricted cash equivalents:
Money market funds		200		—		—			200
Total cash equivalents and restricted cash equivalents		17,438		—		—			17,438
Marketable securities:
U.S. Treasuries and agencies		25,868		2		(3	)		25,867
Corporate debt securities		3,233		—		—			3,233
Commercial paper		1,991		—		—			1,991
Total marketable securities		31,092		2		(3	)		31,091
Total cash equivalents, restricted cash equivalents and marketable securities	$	48,530	$	2	$	(3	)	$	48,529

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Marketable Securities	$ 43,181	$ 48,529
Fair Value, Recurring
Assets:
Total assets	43,181	48,529
Fair Value, Recurring \| U.S. Treasuries
Assets:
Cash Equivalents		6,891
Marketable Securities	30,521	25,867
Fair Value, Recurring \| Corporate debt securities
Assets:
Cash Equivalents		1,491
Marketable Securities	2,248	3,233
Fair Value, Recurring \| Commercial paper
Assets:
Cash Equivalents		2,099
Marketable Securities	990	1,991
Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	9,222	6,757
Restricted Cash Equivalents	200	200
Level 1 \| Fair Value, Recurring
Assets:
Total assets	39,943	39,715
Level 1 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Cash Equivalents		6,891
Marketable Securities	30,521	25,867
Level 1 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 1 \| Fair Value, Recurring \| Commercial paper
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	9,222	6,757
Restricted Cash Equivalents	200	200
Level 2 \| Fair Value, Recurring
Assets:
Total assets	3,238	8,814
Level 2 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 2 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Cash Equivalents		1,491
Marketable Securities	2,248	3,233
Level 2 \| Fair Value, Recurring \| Commercial paper
Assets:
Cash Equivalents		2,099
Marketable Securities	990	1,991
Level 2 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	0	0
Restricted Cash Equivalents	0	0
Level 3 \| Fair Value, Recurring
Assets:
Total assets	0	0
Level 3 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 3 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 3 \| Fair Value, Recurring \| Commercial paper
Assets:
Cash Equivalents		0
Marketable Securities	0	0
Level 3 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	0	0
Restricted Cash Equivalents	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,033)	$ (7,264)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Organization and Nature of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Nature of Business, Organization and Liquidity

Description of Business

Rani Therapeutics Holdings, Inc. (“Rani Holdings”, and together with its consolidated subsidiary, the “Company”) is a clinical-stage biotherapeutics company focusing on advancing technologies to enable the administration of biologics and drugs orally, to provide patients, physicians, and healthcare systems with a convenient alternative to painful injections. The Company’s technology comprises a drug-agnostic oral delivery platform, the RaniPill capsule, which is designed to deliver a wide variety of drug substances, including antibodies, proteins, peptides, and oligonucleotides. The Company is advancing a portfolio of oral therapeutics using the RaniPill capsule, and the Company is actively pursuing partnering the technology with third party biopharmaceutical companies for the oral delivery of their biologics and drugs. The Company is headquartered in San Jose, California and operates in one segment.

Organizational Transactions

Rani Holdings was formed as a Delaware corporation in April 2021 for the purpose of facilitating an initial public offering (“IPO”) of its Class A common stock. In connection with the IPO, the Company effected a series of organizational transactions (the “Organizational Transactions”), which, together with the IPO, were completed in August 2021, that resulted in the Company becoming the ultimate parent company of Rani Therapeutics, LLC (“Rani LLC”). The Company operates its business through Rani LLC.

As part of the Organizational Transactions, the Company entered into a Registration Rights Agreement with certain individuals and entities that continued to hold economic nonvoting Class A units of Rani LLC (“Class A Units”), collectively referred to herein as the “Continuing LLC Owners”. The Continuing LLC Owners are entitled to exchange, subject to the terms of the Sixth Amended and Restated Limited Liability Company Agreement of Rani LLC (the “Amended Rani LLC Agreement”), the Class A Units they hold in Rani LLC, together with the shares they hold of the Company Class B common stock (together referred to as a "Paired Interest"), in return for shares of the Company’s Class A common stock on a one-for-one basis provided that, at the Company’s election, the Company has the ability to effect a direct exchange of such Class A common stock or make a cash payment equal to a volume weighted average market price of one share of Class A common stock for each Paired Interest redeemed. Any shares of Class B common stock will be canceled on a one-for-one basis if, at the election of the Continuing LLC Owners, the Company redeems or exchanges such Paired Interest pursuant to the terms of the Amended Rani LLC Agreement. As of March 31, 2026, certain individuals who continue to own interests in Rani LLC but do not hold shares of the Company’s Class B common stock (“non-corresponding Class A Units”) have the ability to exchange their non-corresponding Class A Units of Rani LLC for 1,124,194 shares of the Company’s Class A common stock.

Liquidity

The Company has incurred recurring losses and negative cash flows from operations since its inception, including net loss of $8.0 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had an accumulated deficit of $139.6 million and for the three months ended March 31, 2026, had negative cash flows from operations of $6.5 million. The Company expects that its cash, cash equivalents and marketable securities of $43.4 million as of March 31, 2026, will be sufficient to fund its operations through at least twelve months from the date that its condensed consolidated financial statements for the three months ended March 31, 2026 are issued.

The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future as it continues to develop the RaniPill capsule. The Company expects to finance its future operations with its existing cash and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, collaboration or licensing agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all. The Company will not generate any revenue from product sales unless, and until, it successfully completes clinical development and obtains regulatory approval of its product candidates. While the Company may generate collaboration or license revenue prior to product approval, the timing and amount of such revenue are inherently uncertain. If the Company obtains regulatory approval for the RaniPill capsule, it expects to incur significant expenses related to developing its internal commercialization capability to support manufacturing, product sales, marketing, and distribution.

The Company’s ability to raise additional capital through either the issuance of equity or debt is dependent on a number of factors including, but not limited to, the market interest of the Company, which itself is subject to a number of development and

business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2026	Oct. 31, 2025	May 31, 2025	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2025	Aug. 31, 2022
Class of Warrant or Right [Line Items]
Warrant exercise price								$ 11.79
Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Inducement Charge				$ 1,300
Private Placement [Member]
Class of Warrant or Right [Line Items]
Proceeds from Issuance of Private Placement		$ 60,300
Debt Conversion		6,000
Total Issuance Costs		$ 4,500
Stock issuance costs				$ 5
Private Placement [Member] \| Institutional Investors [Member]
Class of Warrant or Right [Line Items]
Offering price		$ 0.48
Private Placement [Member] \| Affiliated Investor [Member]
Class of Warrant or Right [Line Items]
Offering price		0.605
Series D [Member] \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding				6,193,022
Common Class A [Member]
Class of Warrant or Right [Line Items]
Common stock shares issued				99,813,000	97,622,000
Common stock par value				$ 0.0001	$ 0.0001
Common Class A [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Common stock par value		$ 0.0001
Issuance of common stock, shares		42,633,337
Common Class A [Member] \| Series D [Member] \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding		6,967,150
Issuance of Warrants				$ 4,500
Common Warrants Member \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant		125,000,004
Warrant exercise price		$ 0.48
Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding				131,569,362	131,569,362
Warrants \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price			$ 0.0001
Warrants \| Series B \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant				1,161,000
Warrants \| Series D [Member] \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price			$ 0.65
Issuance of Warrants			$ 3,900
Warrants \| Common Class A [Member] \| Series D [Member] \| Letter Agreement [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant			13,160,172
Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price		0.0001
Pre-Funded Warrant [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price		$ 0.4799
Class of Warrant or Right, Outstanding				80,266,823
Warrants or Rights Exercised	2,099,844
Pre-Funded Warrant [Member] \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant		82,366,667
Loan and Security Agreement
Class of Warrant or Right [Line Items]
Warrants exercisable period								5 years
Class of Warrant or Right, Outstanding							76,336
Remeasurement of Warrants at Exercise Price				$ 15
Loan and Security Agreement \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant								76,336,000
Loan and Security Agreement \| Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price						$ 0.5
Service Warrants \| Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price			$ 0.7
Service Warrants \| Warrants \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant			300,000
Warrant exercise price			$ 0.0001

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	9,222	$	—	$	—	$	9,222
Restricted cash equivalents:
Money market funds		200		—		—		200
Marketable securities
U.S. Treasuries and agencies		30,521		—		—		30,521
Corporate debt securities		—		2,248		—		2,248
Commercial paper		—		990		—		990
Total assets	$	39,943	$	3,238	$	—	$	43,181


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	6,757	$	—	$	—	$	6,757
U.S. Treasuries and agencies		6,891		—		—		6,891
Commercial paper		—		2,099		—		2,099
Corporate debt securities		—		1,491		—		1,491
Restricted cash equivalents:
Money market funds		200		—		—		200
Marketable securities
U.S. Treasuries and agencies		25,867		—		—		25,867
Corporate debt securities		—		3,233		—		3,233
Commercial paper		—		1,991		—		1,991
Total assets	$	39,715	$	8,814	$	—	$	48,529

Level 1 financial instruments are comprised of investments in money market funds and U.S. treasuries and agencies. Level 2 financial instruments are comprised of corporate debt securities and commercial paper.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy for any of the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Class A Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator:

Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.

$ (7,033)

$ (7,264)

Denominator:

Weighted average Class A common shares outstanding-basic

179,996

33,440

Weighted average Class A common shares outstanding-diluted

179,996

33,440

Net loss per Class A common share attributable to Rani Therapeutics Holding, Inc., diluted

$ (0.04)

$ (0.22)

Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-Basic

$ (0.04)

$ (0.22)

Common Class A

Numerator:

Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.

$ (7,033)

$ (7,264)

Denominator:

Weighted average Class A common shares outstanding-basic

^[1]

179,996

33,440

Weighted average Class A common shares outstanding-diluted

^[1]

179,996

33,440

[1]	The pre-funded warrants (Note 9) are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price (as of the beginning of the period or the date of the grant, whichever is earlier).

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	169,671,000	43,955,000
Paired Interests [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	23,970,000	23,972,000
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	12,730,000	11,382,000
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	131,569,000	6,656,000
Non Corresponding Class A Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	1,124,000	1,230,000
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	225,000	653,000
Shares Issuable Pursuant to the ESPP [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	53,000	62,000

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Stock Options

A summary of stock option activity during the periods indicated is as follows:


	Number of Stock Option Awards			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2025		12,867,236		$	4.03		8.19	$	5,067
Granted		55,601		$	1.37			$	—
Forfeited		(192,512	)	$	4.33
Balance at March 31, 2026		12,730,325		$	4.01		7.93	$	2,427
Exercisable at March 31, 2026		7,773,044		$	5.39		7.49	$	566
Nonvested at March 31, 2026		4,957,281		$	1.83		8.61	$	1,861

As of March 31, 2026, there was $7.5 million of unrecognized stock-based compensation expense related to stock options which is expected to be recognized over a weighted-average period of approximately 2.4 years.

The Company uses the Black-Scholes option pricing model to estimate the fair value of each stock option award on the date of grant. The assumptions and estimates are as follows:

•

Expected term - The expected term represents the period of time that stock option awards are expected to remain outstanding. The Company estimates the expected term as the midpoint between actual or expected vesting date and the contractual term.

•

Expected volatility - The expected volatility was derived from the historical stock volatilities of peer public companies within the Company's industry that are considered to be comparable businesses over a period equivalent to the expected term of the stock option awards, since there has been limited trading history of the Company's stock.

•

Risk-free interest rate - The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the stock option awards’ expected term.

•

Expected dividend yield - The expected dividend yield is zero as the Company has no plans to make dividend payments.

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:


	March 31,
	2026
Expected volatility		112.6	%
Risk-free interest rate		3.62	%
Expected term (in years)		6.1
Expected dividend yield		—	%

Restricted Stock Units

A summary of restricted stock unit (“RSU”) activity during the periods indicated is as follows:


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2025		348,702		$	6.94
Vested		(123,389	)	$	9.69
Forfeited		—		$	—
Balance at March 31, 2026		225,313		$	5.44

As of March 31, 2026, there was $1.2 million of unrecognized stock-based compensation expense related to RSUs which is expected to be recognized over a weighted-average period of approximately 1.0 years. The total fair value of RSUs vested was $0.1 million for the three months ended March 31, 2026.

Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Research and development	$	733	$	1,137
General and administrative		1,351		2,788
Total stock-based compensation	$	2,084	$	3,925

Evaluation, Collaboration and License, and Collaborative Arrangements

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Evaluation, Collaboration and License, and Collaborative Arrangements

6. Evaluation, Collaboration and License, and Collaborative Arrangements

Chugai Collaboration and License Agreement

In October 2025, the Company entered into a Collaboration and License Agreement (the “Chugai Collaboration and License Agreement”) with Chugai Pharmaceutical Co., Ltd. (“Chugai”). Under the Chugai Collaboration and License Agreement, the Company and Chugai will collaborate to develop, manufacture, seek regulatory approvals for and, if approved, commercialize a product (the “Chugai Product” or “RT-117”) combining Chugai’s antibody (the “Compound”), which is in development for hemophilia, and the RaniPill HC oral delivery device (the “Device”) for use in humans. Under the Chugai Collaboration and License Agreement, the Company received a $10.0 million upfront payment and is eligible to receive up to $18.0 million in technology transfer milestones (of which $10.0 million is subject to the customer's option), up to $57.0 million in regulatory and development milestones, up to $100.0 million in a series of sales-based milestones, contingent upon approval and the commercial success of the Chugai Product, and single digit royalties on net sales upon approval and successful commercialization of the Chugai Product.

Under the Chugai Collaboration and License Agreement, the Company granted Chugai an exclusive, worldwide right and license to certain intellectual property owned by the Company to research, develop, register, manufacture, use, sell, offer to sell, import, export, commercialize, and market the Chugai Product. Chugai granted the Company a non-exclusive, worldwide right and license to certain intellectual property owned by Chugai to manufacture and supply the Device and Chugai Product to Chugai and to perform activities under the Chugai Collaboration and License Agreement. Both parties have the right to sublicense subject to certain conditions.

In addition, Chugai has a one-time limited option to replace the Compound with a different compound subject to certain terms and conditions, a time-limited right of first refusal with respect to a select group of additional targets, and a time-limited option

to extend its rights to up to five of the additional drug targets, each exercisable upon payment of a $5.0 million additional target fee, under similar deal terms as the Chugai Collaboration and License Agreement.

The parties have the right to terminate the Chugai Collaboration and License Agreement at any time through mutual written consent. Chugai has the unilateral right to terminate the Chugai Collaboration and License Agreement at will, without cause, by providing the Company with 60 days’ prior written notice. Upon termination, Chugai must wind down development, regulatory, and commercial activities and continue paying royalties on any remaining net sales made during the wind-down period. Further, both the Company and Chugai retain their ownership of intellectual property, program inventions, and the license automatically becomes exclusive, irrevocable, perpetual, and fully paid‑up in favor of Chugai, unless Chugai terminated the Agreement without cause.

The Company determined that the Chugai Collaboration and License Agreement falls within the scope of Accounting Standards Codification ("ASC") Topic 808: Collaborative Arrangements ("ASC 808"), with certain elements accounted for under ASC Topic 606, Revenue from Contracts with Customer ("ASC 606"). Specifically, the exclusive license granted to Chugai, technology transfer of a sterile manufacturing process, sales-based milestones, and royalties are accounted for under ASC 606, while the development related activities are accounted for as collaborative arrangements under ASC 808.

Under ASC 606, the Company concluded there is one combined performance obligation, primarily consisting of the exclusive license, the information transfer of the Company's intellectual property, and the sterile manufacturing process research and know-how transfer. The combined performance obligation conveys a right to use the Company's functional intellectual property, which has significant standalone value as Chugai has exclusive rights to use the Compound within the RaniPill. The performance obligation is a stand ready obligation that is satisfied over time by providing Chugai with ongoing access to the Company's leadership throughout the period of delivery of regulatory feedback on the sterile manufacturing process, in order to answer regulatory questions when and if they are asked.

The Company uses the time based (straight line) measure of progress to recognize revenue for the arrangement over time as the performance obligation is satisfied, which is the period from license issuance through the period over which sterile manufacturing process research activities and the corresponding know-how transfer occur. Accordingly, the Company expects to recognize the initial $10.0 million transaction price between the execution of the arrangement through the expected completion date of the sterile manufacturing process transfer.

As of December 31, 2025, the transaction price primarily consisted of the $10.0 million upfront payment. Additional variable considerations including development milestones have been excluded from the initial transaction price because achievement is not considered probable and is fully constrained due to uncertainties outside the Company's control.

Based on its assessment as of March 31, 2026, the Company concluded that there were no changes in facts or circumstances that would result in any milestone‑related variable consideration becoming probable of achievement. As such, no variable consideration was included in the transaction price as of March 31, 2026. The Company will reassess milestone-related variable consideration each reporting period and will update the transaction price once it becomes probable and the associated constraint is lifted. Any milestone consideration included in the transaction price will be recognized when the milestone is achieved or consistent with the pattern of recognition of the associated performance obligation, including through cumulative catch-up adjustments, as applicable.

For the three months ended March 31, 2026, the Company recognized $1.7 million of revenue on the condensed consolidated statement of operations and $6.8 million as deferred revenue on the condensed consolidated balance sheet. Of the $10.0 million upfront payment, $8.0 million was received in cash and $2.0 million remains in accounts receivable relating to tax withheld by the Japanese tax authorities, which is expected to be refunded to the Company upon submission and acceptance of the required residency certificate. The Company expects to collect the full amount and does not view the withholding as impacting the collectability assessment under ASC 606.

Evaluation Arrangement

In August 2024, the Company entered into a contract with Chugai to conduct evaluation services of certain Chugai compounds for oral delivery using the RaniPill HC, (the "Chugai Research Agreement"), which was concluded to be a single performance obligation with an enforceable right to payment. The Company received an up-front payment of $0.6 million upon execution of the contract. Upon completion of the evaluation services, in April 2025, the Company was paid a final $0.6 million for an aggregate total of $1.2 million due under the contract. In addition, if agreed upon, the agreement allows for joint filing of certain intellectual property protection in which all associated expenses will be shared equally. Chugai has the ability to terminate the agreement at any time by providing 10 days’ written notice after the effective date of the contract. The contract can be terminated for cause by either party based on uncured material breach by the other party. Upon early termination, all ongoing activities under the agreement and all mutual collaboration, development and commercialization licenses and sublicenses will terminate. For the periods ended March 31, 2026 and 2025, $0 and $0.2 million, respectively, in contract revenue was recognized for evaluation services performed. As of March 31, 2026, no contract asset or contract liability was outstanding under the Chugai Research Agreement, as all consideration received had been recognized as revenue in proportion to the services performed.

ProGen Co., Ltd.

In June 2024, the Company and ProGen Co., Ltd. (“ProGen”) entered into a Collaboration Agreement (the “Collaboration Agreement”). Under the Collaboration Agreement, the Company and ProGen will collaborate to manufacture, develop, seek regulatory approvals for and, if approved, commercialize a product (the “Product” or “RT-114”) combining ProGen’s GLP-1/GLP-2 dual agonist compound, PG-102, and the RaniPill HC oral delivery device in the field of weight management (including without limitation obesity, weight reduction and weight maintenance) in humans (the “Collaboration”).

Under the Collaboration Agreement, development costs, as well as operating profits and losses from the commercialization of the Product, will be equally shared by the Company and ProGen. The Company and ProGen each granted to the other party an exclusive right and license (except with respect to the other party’s affiliates and sublicensees) to certain intellectual property to develop the Product for weight management and an exclusive right and license to seek regulatory approval for, and to use, sell, offer to sell, import and commercialize the Product in their assigned territories. The parties share responsibility for the development of RT-114 worldwide, with the Company leading such development for preclinical activities through Phase 1 clinical trials. After initiation of the first Phase 2 clinical trial, the Company will lead development and commercialization of the Product in the United States, Canada, Europe (including the United Kingdom) and Australia, and ProGen will lead development and commercialization in all other countries.

Each party has the right to opt-out of the Collaboration (“Opt-Out”) at any time upon prior written notice to the other party. Following an Opt-Out, the continuing party shall have sole right to develop, conduct regulatory activities for and commercialize the Product on a worldwide basis. The Opt-Out party shall share all development costs and operating profit (or loss) through the effective date of the Opt-Out, and all costs to complete the conduct of any clinical trials of Product that have been initiated prior to delivery of the Opt-Out notice, even if the costs are incurred or the trials are completed after the effective date of the Opt-Out. The continuing party shall pay to the Opt-Out party low single to mid-single digit royalties on net sales of the Product made after the Opt-Out date depending on when the Opt-Out occurs.

The Company determined that the Collaboration Agreement is not a contract with a customer and is therefore accounted for under ASC 808. The Company evaluates the presentation of amounts due from ProGen based on the nature of each separate activity. Reimbursements from ProGen are recognized as contra-research and development expense on the Consolidated Statement of Operations once earned and collectability is assured. As of March 31, 2026 and December 31, 2025, reimbursement due from ProGen recorded as contra-research and development expense was $0.4 million and $0.1 million, respectively.

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Contract assets	$ 0

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Amounts Charged for Services and Rent


	Three Months Ended March 31,
	2026			2025
Research and development	$	180		$	186
General and administrative		(11	)		(14	)
Total	$	169		$	172

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company’s effective income tax rate was zero for each of the three months ended March 31, 2026 and 2025. As a result of the Company’s history of operating losses, the Company believes that recognition of the deferred tax assets arising from such future income tax benefits is currently not likely to be realized and, accordingly, has recognized a full valuation allowance on its deferred tax assets. There were no material changes to uncertain tax positions for the three months ended March 31, 2026 and 2025, and the Company does not anticipate material changes within the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 01, 2024	Nov. 30, 2023 USD ($) ft²	Mar. 31, 2026 USD ($) ft²	Mar. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Monthly base rent for initial term of the lease \| $			$ 473	$ 473
Rani L L C [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases		33,000
Initial Term Leases Agreement		The initial term of the Lease commenced in February 2024, and the duration of the initial term is 63 months. Subject to certain conditions, Rani LLC has an option to renew the Lease for one additional 5-year term at the then-prevailing market rate. The monthly base rent for the initial term of the Lease is approximately $95,000 per month, subject to a 4% increase each year. Rani LLC is also responsible for the payment of additional rent to cover its share of common area operating expenses, including taxes, insurance, utilities, and repair and maintenance of the premises and common areas of the Project.
Lessee, Operating Lease, Term of Contract	63 months
Lessee, Operating Lease, Renewal Term			5 years
Monthly base rent for initial term of the lease \| $		$ 95,000
Percentage of increase in monthly base rent (per year)	4.00%
Rani L L C [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Area for Rent space for facility in San jose			23,000
Rani L L C [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Area for Rent space for facility in San jose			24,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	RANI THERAPEUTICS HOLDINGS, INC.
Entity Central Index Key	0001856725
Securities Act File Number	001-40672
Entity Tax Identification Number	86-3114789
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2051 Ringwood Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	457-3700
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	RANI
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,912,515
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,970,359
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Leases

The Company enters into lease arrangements for office and laboratory facilities under operating leases accounted for in accordance with ASC 842 "Leases" ("ASC 842"). The Company’s future minimum lease payments under operating leases are presented within the lease footnote (Note 8).

The Company’s lease liabilities represent a contractual commitment to make future payments over the lease term. As of March 31, 2026, the Company had no additional significant lease commitments outside of those recognized as operating lease liabilities on the condensed consolidated balance sheets.

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Consolidated Balance Sheets and Statements of Cash Flow related to Leases


	March 31,
	2026			2025
Weighted-average remaining lease term (in years)		2.8			3.7
Weighted-average discount rate		10.6	%		10.4	%


	Three Months Ended March 31,
	2026		2025
Cash flows
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	473	$	473

Summary of Future Minimum Operating Lease Payments

As of March 31, 2026, minimum annual rental payments under the Company’s operating lease agreements are as follows (in thousands), excluding short-term leases:


Year ending December 31,
2026 (remaining nine months)	$	1,465
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	4,531
Less: Imputed interest		(590	)
Total operating lease liability	$	3,941
Less: Current portion of operating lease liability		1,460
Operating lease liability, less current portion	$	2,481

Significant Accounting Policies - Schedule of changes in contract liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Contract Balances [Abstract]
Contract liabilities, beginning of period	$ 8,539
Deferred Income, Revenue Recognized	1,708
Contract liabilities, end of period	$ 6,831

Long-Term Debt (Additional Information) (Details) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025	Aug. 31, 2022
Debt Instrument [Line Items]
Warrant exercise price			$ 11.79
Common Class A [Member]
Debt Instrument [Line Items]
Common Stock	99,813	97,622

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Additional Information (Details)	3 Months Ended
Stockholders' Equity - Additional Information (Details)	Mar. 31, 2026 shares
Continuing LLC Owners [Member]
Class of Stock [Line Items]
General Partner Ownership Interest	20.00%
Rani LLC \| Outstanding Capital Class A Unit [Member]
Class of Stock [Line Items]
General Partner Ownership Interest	80.00%
Previously Reported [Member] \| Organizational Transactions [Member]
Class of Stock [Line Items]
Exchange Of Common Units	5,378,539
Common Class A \| Rani LLC \| Organizational Transactions [Member]
Class of Stock [Line Items]
Exchange Of Common Units	362,821

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 shares	Mar. 31, 2024 ft²
Related Party Transaction [Line Items]
Aggregate desired patent acquisition	$ 1,000
Service agreement term	facility in San Jose, California.
Stock-based compensation expense	$ 2,084	$ 3,925
Common Class A
Related Party Transaction [Line Items]
Common stock units issued \| shares	99,813		97,622
ICL
Related Party Transaction [Line Items]
One time patent payment to related party	$ 300
Maximum \| RMS-ICL
Related Party Transaction [Line Items]
Area for Rent space for facility in San jose \| ft²				24,000
Minimum \| RMS-ICL
Related Party Transaction [Line Items]
Area for Rent space for facility in San jose \| ft²				23,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 9,644	$ 18,618
Accounts receivable	2,042	2,042
Marketable securities	33,759	31,091
Prepaid expenses and other current assets	1,646	1,570
Total current assets	47,091	53,321
Property and equipment, net	601	736
Operating lease right-of-use asset	3,941	4,318
Other assets	246	246
Total assets	51,879	58,621
Current liabilities:
Accounts payable	858	309
Accrued expenses and other current liabilities	4,706	3,943
Current portion of deferred revenue	6,831	6,831
Current portion of operating lease liability	1,460	1,586
Total current liabilities	13,855	12,669
Long-term deferred revenue	0	1,708
Operating lease liability, less current portion	2,481	2,732
Total liabilities	16,336	17,109
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	168,015	165,578
Accumulated other comprehensive (loss)/gain	(8)	1
Accumulated deficit	(139,613)	(132,580)
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.	28,405	33,010
Non-controlling interest	7,138	8,502
Total stockholders' equity	35,543	41,512
Total liabilities and stockholders' equity	51,879	58,621
Common Class A [Member]
Stockholders' equity:
Common stock, value	9	9
Common Class B [Member]
Stockholders' equity:
Common stock, value	2	2
Common Class C
Stockholders' equity:
Common stock, value	$ 0	$ 0

Leases - Summary of consolidated balance sheets and statements of cash flow related to leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in lease liabilities:
Weighted-average remaining lease term (in years)	2 years 9 months 18 days	3 years 8 months 12 days
Weighted-average discount rate	10.60%	10.40%
Operating cash flows used for operating leases	$ 473	$ 473

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Mar. 31, 2026 USD ($)
Private Placement [Member]
Net of issuance costs	$ 5

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,084	$ 3,925
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 7,500
Recognized over a weighted-average period	2 years 4 months 24 days
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 1,200
Recognized over a weighted-average period	1 year
Fair value of RSAs vested	$ 100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Reconciliation of cash, cash equivalents and restricted cash equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,644	$ 18,618	$ 10,111
Restricted cash equivalents	200		500
Total cash, cash equivalents and restricted cash equivalents	$ 9,844		$ 10,611

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	348,702
Vested, Number of Shares \| shares	(123,389)
Forfeited, Number of Shares \| shares	0
Outstanding, Number of Shares, Ending Balance \| shares	225,313
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 6.94
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	9.69
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	0
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 5.44

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Statement of Financial Position [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Property and equipment, net

Property and equipment, net consist of the following (in thousands):


	March 31,			December 31,
	2026			2025
Laboratory equipment	$	4,281		$	4,259
Leasehold improvements		1,656			1,655
Office equipment		227			227
Software		104			104
Total		6,268			6,245
Less accumulated depreciation and amortization		(5,701	)		(5,540	)
Total		567			705
Construction-in-progress		34			31
Total property and equipment, net	$	601		$	736

Depreciation and amortization expense totaled $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2026		2025
Payroll and related costs	$	3,430	$	2,646
Accrued professional fees		851		718
Accrued rent		328		335
Accrued preclinical and clinical trial costs		—		198
Other		97		46
Total accrued expenses and other current liabilities	$	4,706	$	3,943

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

3. Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and fair value of the Company's cash equivalents, restricted cash equivalents and marketable securities by major investment category (in thousands):


	As of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	9,222	$	—	$	—		$	9,222
Restricted cash equivalents:
Money market funds		200		—		—			200
Total cash equivalents and restricted cash equivalents		9,422		—		—			9,422
Marketable securities:
U.S. Treasuries and agencies		30,531		—		(10	)		30,521
Corporate debt securities		2,249		—		(1	)		2,248
Commercial paper		991		—		(1	)		990
Total marketable securities		33,771		—		(12	)		33,759
Total cash equivalents, restricted cash equivalents and marketable securities	$	43,193	$	—	$	(12	)	$	43,181


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	6,757	$	—	$	—		$	6,757
U.S. Treasuries and agencies		6,891		—		—			6,891
Commercial paper		2,099		—		—			2,099
Corporate debt securities		1,491		—		—			1,491
Total cash equivalents		17,238		—		—			17,238
Restricted cash equivalents:
Money market funds		200		—		—			200
Total cash equivalents and restricted cash equivalents		17,438		—		—			17,438
Marketable securities:
U.S. Treasuries and agencies		25,868		2		(3	)		25,867
Corporate debt securities		3,233		—		—			3,233
Commercial paper		1,991		—		—			1,991
Total marketable securities		31,092		2		(3	)		31,091
Total cash equivalents, restricted cash equivalents and marketable securities	$	48,530	$	2	$	(3	)	$	48,529

All marketable securities are classified as short-term. The Company regularly reviews its available-for-sale marketable securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. As of March 31, 2026, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at March 31, 2026. As of March 31, 2026 and December 31, 2025, interest income receivable recorded as a component of prepaid expenses and other current assets on the condensed consolidated balance sheet was de minimis for both periods.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Private Placement [Member]
Stock issuance costs	$ 5

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of cash, cash equivalents and restricted cash equivalents


	March 31,
	2026		2025
Cash and cash equivalents	$	9,644	$	10,111
Restricted cash equivalents		200		500
Total cash, cash equivalents and restricted cash equivalents	$	9,844	$	10,611

Schedule of changes in contract liabilities

Significant changes in contract liabilities (deferred revenue) in the three months ended March 31, 2026 were as follows (in thousands):


Contract liabilities, beginning of period	$	8,539
Revenue recognized		(1,708	)
Contract liabilities, end of period	$	6,831

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

As of March 31, 2026, Rani Holdings held approximately 80% of the Class A Units of Rani LLC, and approximately 20% of the outstanding Class A Units of Rani LLC are held by the Continuing LLC Owners. From the date of the Organizational Transactions to March 31, 2026, 5,378,539 Paired Interests and 362,821 non-corresponding Class A Units of Rani LLC were exchanged for an equal number of shares of the Company's Class A common stock. For each of the three months ended March 31, 2026 and 2025, none of the Continuing LLC Owners executed an exchange of any Paired Interests and none of non-corresponding Class A Units of Rani LLC, for either period. In accordance with the Amended Rani LLC Agreement, Rani LLC also issues a corresponding Class A Unit to Rani Holdings for each share of common stock issued by Rani Holdings. This increases Rani Holdings’ ownership in Rani LLC.

- Definition

The entire disclosure for equity.

+ References

+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

14. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per Class A common share attributable to Rani Holdings (in thousands, except per share data):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(7,033	)	$	(7,264	)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted*		179,996			33,440
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(0.04	)	$	(0.22	)

* The pre-funded warrants (Note 9) are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price (as of the beginning of the period or the date of the grant, whichever is earlier).

The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per Class A common share attributable to Rani Holdings (in thousands):


	As of March 31,
	2026		2025
Paired Interests		23,970		23,972
Stock options		12,730		11,382
Warrants		131,569		6,656
Non-corresponding Class A Units		1,124		1,230
Restricted stock units		225		653
Shares issuable pursuant to the ESPP		53		62
		169,671		43,955

Shares of Class B Common Stock do not share in the Company’s earnings and are not participating securities. Accordingly, separate presentation of loss per share of Class B common stock under the two-class method has not been provided. The outstanding shares of Class B Common Stock were determined to be anti-dilutive for the three months ended March 31, 2026. Therefore, they are not included in the computation of net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities - Summary of ash, cash equivalents, restricted cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 43,193	$ 48,530
Gross unrealized Gains	0	2
Gross Unrealized loss	(12)	(3)
Estimated Fair Value	43,181	48,529
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost		17,238
Gross unrealized Gains		0
Gross Unrealized loss		0
Estimated Fair Value		17,238
Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	9,222	6,757
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	9,222	6,757
Cash Equivalents \| U.S. Treasuries
Cash and Cash Equivalents [Line Items]
Amortized cost		6,891
Gross unrealized Gains		0
Gross Unrealized loss		0
Estimated Fair Value		6,891
Cash Equivalents \| Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost		2,099
Gross unrealized Gains		0
Gross Unrealized loss		0
Estimated Fair Value		2,099
Cash Equivalents \| Corporate debt securities
Cash and Cash Equivalents [Line Items]
Amortized cost		1,491
Gross unrealized Gains		0
Gross Unrealized loss		0
Estimated Fair Value		1,491
Marketable securities
Cash and Cash Equivalents [Line Items]
Amortized cost	33,771	31,092
Gross unrealized Gains	0	2
Gross Unrealized loss	(12)	(3)
Estimated Fair Value	33,759	31,091
Marketable securities \| U.S. Treasuries
Cash and Cash Equivalents [Line Items]
Amortized cost	30,531	25,868
Gross unrealized Gains	0	2
Gross Unrealized loss	(10)	(3)
Estimated Fair Value	30,521	25,867
Marketable securities \| Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	991	1,991
Gross unrealized Gains	0	0
Gross Unrealized loss	(1)	0
Estimated Fair Value	990	1,991
Marketable securities \| Corporate debt securities
Cash and Cash Equivalents [Line Items]
Amortized cost	2,249	3,233
Gross unrealized Gains	0	0
Gross Unrealized loss	(1)	0
Estimated Fair Value	2,248	3,233
Restricted Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	200	200
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	200	200
Cash, equivalents and restricted cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	9,422	17,438
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	$ 9,422	$ 17,438

Evaluation, Collaboration and License, and Collaborative Arrangements (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2025	Aug. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Long-Term Purchase Commitment [Line Items]
Cash and cash equivalents			$ 9,644	$ 10,111	$ 18,618
Accounts Receivable			0	600
Accounts receivable			2,042		2,042
Revenue recognized			6,831		8,539
Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Transaction Price	$ 10,000
Up front payment arrangement			10,000
Accounts receivable			2,000
Chugai Pharmaceutical Company Limited [Member] \| Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Target Fees	5,000
Up front payment arrangement					10,000
Revenue from contract	10,000		1,700
Cash Received			8,000
Revenue recognized			6,800
ProGen Company Limited [Member] \| Collaboration Agreement {Member]
Long-Term Purchase Commitment [Line Items]
Contra-research and development expense			400		$ 100
Research And Development Arrangement [Member]
Long-Term Purchase Commitment [Line Items]
Accounts Receivable		$ 600
Up front payment arrangement		600
Contract Revenue		$ 1,200
Research And Development Arrangement [Member] \| Chugai Pharmaceutical Company Limited [Member]
Long-Term Purchase Commitment [Line Items]
Revenue from contract			0	$ 200
Contract asset balance			0
Contract liability			$ 0
Technology Transfer Milestones [Member] \| Chugai Pharmaceutical Company Limited [Member] \| Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Up front payment arrangement	18,000
Customer's Option [Member] \| Chugai Pharmaceutical Company Limited [Member] \| Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Revenue Regulatory and Development Milestone Received	10,000
Development Milestones [Member] \| Chugai Pharmaceutical Company Limited [Member] \| Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Revenue Regulatory and Development Milestone Received	57,000
Sales-based Milestones [Member] \| Chugai Pharmaceutical Company Limited [Member] \| Chugai Collaboration and License Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Revenue from contract	$ 100,000

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Class A Common Share

The following table sets forth the computation of basic and diluted net loss per Class A common share attributable to Rani Holdings (in thousands, except per share data):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(7,033	)	$	(7,264	)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted*		179,996			33,440
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(0.04	)	$	(0.22	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of March 31,
	2026		2025
Paired Interests		23,970		23,972
Stock options		12,730		11,382
Warrants		131,569		6,656
Non-corresponding Class A Units		1,124		1,230
Restricted stock units		225		653
Shares issuable pursuant to the ESPP		53		62
		169,671		43,955

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock authorized	20,000,000	20,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common Class A [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	800,000,000	800,000,000
Common stock shares issued	99,813,000	97,622,000
Common stock shares outstanding	99,813,000	97,622,000
Common Class B [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	40,000,000	40,000,000
Common stock shares issued	23,970,000	23,970,000
Common stock shares outstanding	23,970,000	23,970,000
Common Class C [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	20,000,000	20,000,000
Common stock shares issued	0	0
Common stock shares outstanding	0	0

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities (Additional Information) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Abstract]
Prepaid expenses and other current assets	$ 0	$ 0

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property and Equipment

Property and equipment, net consist of the following (in thousands):


	March 31,			December 31,
	2026			2025
Laboratory equipment	$	4,281		$	4,259
Leasehold improvements		1,656			1,655
Office equipment		227			227
Software		104			104
Total		6,268			6,245
Less accumulated depreciation and amortization		(5,701	)		(5,540	)
Total		567			705
Construction-in-progress		34			31
Total property and equipment, net	$	601		$	736

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2026		2025
Payroll and related costs	$	3,430	$	2,646
Accrued professional fees		851		718
Accrued rent		328		335
Accrued preclinical and clinical trial costs		—		198
Other		97		46
Total accrued expenses and other current liabilities	$	4,706	$	3,943

Warrants - Schedule of Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding at December 31, 2025	131,569,362
Number of Warrants Granted	0
Number of Warrants Exercised	0
Number of Warrants Outstanding at March 31, 2026	131,569,362	131,569,362
Weighted Average Exercise Price Outstanding at December 31, 2025	$ 0.49
Weighted Average Exercise Price Granted	0
Weighted Average Exercise Price Exercised	0
Weighted Average Exercise Price Outstanding at March 31, 2026	$ 0.49	$ 0.49
Weighted Average Remaining Contractual Term (in years) Outstanding at December 31, 2025	4 years 6 months 18 days	4 years 9 months 10 days
Weighted Average Remaining Contractual Term (in years) Outstanding at March 31, 2026	4 years 6 months 18 days	4 years 9 months 10 days
Aggregate Intrinsic Value Outstanding at December 31, 2025	$ 113,345
Aggregate Intrinsic Value Granted	0
Aggregate Intrinsic Value Exercised	0
Aggregate Intrinsic Value Outstanding at March 31, 2026	$ 32,430	$ 113,345

Balance Sheet Components - Property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 6,268	$ 6,245
Less accumulated depreciation and amortization	(5,701)	(5,540)
Total	567	705
Total property and equipment, net	601	736
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total	4,281	4,259
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	1,656	1,655
Office equipment
Property, Plant and Equipment [Line Items]
Total	227	227
Software
Property, Plant and Equipment [Line Items]
Total	104	104
Construction-in-progress
Property, Plant and Equipment [Line Items]
Construction-in progress	$ 34	$ 31

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (8,015)	$ (12,738)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,084	3,925
Depreciation and amortization	161	251
Non-cash operating lease expense	477	477
Amortization of debt discount and issuance costs	0	58
Net accretion and amortization of investments in marketable securities	(244)	(150)
Changes in operating assets and liabilities:
Accounts receivable	0	(600)
Contract asset	0	428
Prepaid expenses and other current assets	(87)	347
Accounts payable	549	161
Accrued expenses and other current liabilities	763	170
Deferred revenue	(1,708)	0
Operating lease liabilities	(477)	(478)
Net cash used in operating activities	(6,497)	(8,149)
Cash flows from investing activities
Proceeds from maturities of marketable securities	21,000	21,000
Purchases of marketable securities	(23,435)	(2,720)
Purchases of property and equipment	(15)	(51)
Net cash (used in)/provided by investing activities	(2,450)	18,229
Cash flows from financing activities
Proceeds from employee stock purchase plan	0	42
Tax withholdings paid on behalf of employees for net share settlement	(32)	(23)
Repayment of debt	0	(3,750)
Exercise of Pre-funded Warrants in connection with the Private Placement, net of issuance costs of ($5)	5	0
Net cash used in financing activities	(27)	(3,731)
Net (decrease)/increase in cash, cash equivalents and restricted cash equivalents	(8,974)	6,349
Cash, cash equivalents and restricted cash equivalents, beginning of period	18,818	4,262
Cash, cash equivalents and restricted cash equivalents, end of period	9,844	10,611
Supplemental disclosures of non-cash investing and financing activities
Interest income receivable included in prepaid expenses and other current assets	71	17
Unrealized loss on short-term investments	$ (11)	$ 0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance	12,867,236
Granted	55,601
Forfeited	(192,512)
Number of Options, Outstanding, Ending balance	12,730,325	12,867,236
Exercisable at March 31, 2026	7,773,044
Nonvested at March 31, 2026	4,957,281
Weighted Average Exercise Price per Share, Outstanding, Beginning balance	$ 4.03
Weighted Average Exercise Price per Share, Granted	1.37
Weighted Average Exercise Price per Share, Forfeited	4.33
Weighted Average Exercise Price per Share, Outstanding, Ending balance	4.01	$ 4.03
Weighted Average Exercise Price per Share, Exercisable at March 31, 2026	5.39
Weighted Average Exercise Price per Share, Nonvested at March 31, 2026	$ 1.83
Weighted Average Remaining Contractual Term (in years)	7 years 11 months 4 days	8 years 2 months 8 days
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2026 (in years)	7 years 5 months 26 days
Weighted Average Remaining Contractual Term, Nonvested at March 31, 2026 (in years)	8 years 7 months 9 days
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 5,067
Aggregate Intrinsic Value, Granted (in thousands)	0
Aggregate Intrinsic Value, Outstanding, Ending Balance	2,427	$ 5,067
Aggregate Intrinsic Value, Exercisable at March 31, 2026 (in thousands)	566
Aggregate Intrinsic Value, Nonvested at March 31, 2026 (in thousands)	$ 1,861